Seef Properties B.S.C. announced its financial results for the fiscal year ended 31 December 2023, including the results of the last quarter of 2023.
The Company reported a net profit and comprehensive income attributable to the parent of BD 1.59 million during the fourth quarter of 2023, compared to BD 0.99 million for the same period of the previous year, an increase of 59.71%. Diluted earnings per share attributable to the parent for the fourth quarter of 2023 amounted to 3.45 Fils, compared to 2.16 Fils for the same period the previous year. The Company’s operating profits stood at BD 3.54 million for the fourth quarter of 2023, compared to BD 2.68 million for the same period in the previous year, an increase of 32.04%.
The Company recorded a net profit and comprehensive income attributable to the parent of BD 6.44 million for the financial year ended 31 December 2023, compared to BD 6.20 Million for the same period of the previous year, with an increase of 3.95%. The rise in revenues is mainly attributable to rental improvements, a successful year of operations at Yabeela, the opening of HAWA, and higher hospitality sector activity, with high occupancy levels recorded by the hotel apartments.
Diluted earnings per share attributable to the parent amounted to 14.00 Fils for the year ended 31 December 2023, compared to 13.47 Fils for the same period of the previous year. Operating profits for the year ended 31 December 2023 reached BD 13.95 million, compared to BD 11.89 million for the same period of the previous year, an increase of 17.36%.
The Company’s total equity (after excluding the equity attributable to minority) for the year ended 31 December 2023 increased by 1.74%, reaching BD 161.08 million, compared to BD 158.32 million for the same period in the previous year. Total assets for the year ended 31 December 2023 decreased slightly by 0.2%, reaching BD 178.99 million compared to BD 179.35 million for the same period of the previous year.
Based on the financial results, the Board of Directors is recommending to the General Assembly the distribution of cash dividends of 9% of share nominal value, equivalent to 9 Fils per share amounting to BD 4.14 million, as well as the allocation of BD170,000 towards the Company’s corporate social responsibility program.
Commenting on these results, Seef Properties Chairman, Essa Mohamed Najibi, stated, “We are pleased to share the 2023 financial results of Seef Properties, which attest to the efficacy of our strategic policies and validate our focus on diversifying our portfolio. This growth benefited from improved rental income but is also attributable in part to our expansion in the entertainment sector, including higher hospitality sector activity and operational efficiency. These positive results encourage us to forge ahead with our current strategy to strengthen our position among the best performing companies in the Kingdom.”
Mr. Najibi underscored Seef Properties’ proactive approach in identifying and capitalizing profitable investment opportunities across sectors, ensuring sustainable growth: “Through a major strategic initiative, the company is revitalizing existing assets, strengthening its brand presence, and aligning its operations with Bahrain Economic Vision 2030, which focuses on the expansion of the tourism sector. By hosting popular events and prioritizing the interests of shareholders and clients, Seef Properties contributes to economic development while maximizing long-term value creation.”
He said: “We extend our appreciation to the government for their unwavering support. We especially value our close collaboration with the Ministry of Tourism and fully endorse their initiatives to drive visitors to Bahrain, which consequently solidify our position in fulfilling the Kingdom’s aspirations for its economic landscape. We also take pride in our dedicated team, and thank our shareholders, partners, and employees for their invaluable contributions to our success.”
Seef Properties Chief Executive Officer, Ahmed Yusuf said, “We managed to overcome the challenges of the market, leveraging our understanding of market dynamics to navigate the significant macroeconomic factors we faced in 2023. We continued to succeed in our efforts to attract global brands, many entering the Kingdom for the first time, while also managing successful promotional campaigns such as ‘Shop & Win Cash’. We eagerly anticipate the sustained progression of our strategy as we venture into the new year, and reaffirm our commitment to fortify our projects portfolio, achieve robust financial results, and accomplish remarkable operational milestones.”
He added, “Throughout the year, we marked significant milestones across the sectors we invest in. In July 2023, we opened Al Liwan Cinema. Additionally, we inaugurated Hawa in January last year. Earlier this year, we planned the opening of Fraser Suites Al Liwan, which is expected to contribute majorly to our bottom line going forward. This special focus on the entertainment and hospitality sectors further diversifies our portfolio and offers an enhanced experience to our valued customers.”
